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Billionaire investor Warren Buffett has announced his retirement from leading Berkshire Hathaway, signaling the end of an era for the trillion-dollar conglomerate he transformed since taking the helm in 1965. At 94 years old, Buffett revealed that he plans to step down as CEO and chair by the end of 2025, recommending Greg Abel, the current vice-chair, as his successor. This disclosure surprised thousands of shareholders during Berkshire's annual meeting in Omaha, Nebraska, where Buffett received a standing ovation in recognition of his 60 years of leadership.
Buffett asserted that his decision to retain his shares in the company reflects his belief in Abel's management capabilities over his own. "I think the time has arrived where Greg should become the chief executive officer of the company," Buffett stated. Abel, a 25-year veteran with Berkshire and currently overseeing its non-insurance businesses, expressed his support for Buffett's decision.
Despite his upcoming retirement, Buffett continues to address broader economic issues, recently cautioning against the global risks posed by Donald Trump's trade tariffs. Heightened tensions, he warned, could destabilize international relations.